The RDDT will be the company’s trading symbol on the New York Stock Exchange.
Following years of rumors and speculation, Reddit has finally submitted the necessary papers to the New York Stock Exchange in order to conduct an initial public offering. It is also planned that the company, which intends to use RDDT as its ticker symbol, will make it possible for some longtime customers to participate by purchasing shares.
Several longtime users of Reddit already have a “deep sense of ownership” over the communities that they have created on the platform, according to a note that was included in the S-1 file that the business submitted to the Securities and Exchange Commission (SEC). He added, “We want this sense of ownership to be reflected in real ownership—for our users to be our owners.” This is what he meant by “real ownership.” In light of this, we are thrilled to extend an invitation to the users and moderators who have contributed to Reddit to purchase shares in our initial public offering (IPO), alongside our investors.
The company did not disclose the number of users who could be able to take part in the activity; however, it did state that the eligibility of users would be determined by their karma scores, and that “moderator contributions will be measured by membership and moderator actions.”
Additionally, the filing provides fresh information into the inner workings of Reddit’s company in its entirety. During the month of December, the company received a total of 500 million visitors, and as of late, it has been receiving an average of slightly more than 73 million “daily active unique” visitors. During the year 2023, the firm generated a total revenue of $804 million; nonetheless, Reddit has not yet achieved profitability. In addition, the paper mentions that the corporation is “exploring” the possibility of entering into licensing agreements with artificial intelligence companies in order to increase its revenue in the future.
Earlier in the day, Reddit and Google made the announcement that they had reached an agreement of this kind, which was apparently worth at approximately sixty million dollars per year. According to the company’s statement, “We believe that our growing platform data will be a key element in the training of leading large language models (LLMs) and serve as an additional monetization channel for Reddit.”